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What Happens If I Don’t Have An Estate Plan?

Posted on: June 29th, 2016
Some people don’t believe they need an estate plan. Daily, I hear “my life and estate are simple.” However, if you don’t set up your own, the state of California will “simply” decide what happens to your estate for you. 
 
Regardless of how much money you have, home ownership, stocks or other assets, when you become incapacitate or die, the state rules will take over, unless you create your own plan in advance.  This will result in unintended consequences!
 
If the state intercedes, the process can be very costly, exceptionally time consuming, public, and often financially and emotionally devastating for those you leave behind.  The court will mandate the following:
·      Who will manage your money, if you become ill.
·      What will happen to your pets.
·      Who will make health care decisions on your behalf.
·      Who will determine whether to disconnect you from life support.
·      Who will raise minor children.
·      Who gets your financial/digital assets and personal property.
 
If you want to make any or all of these decisions yourself, instead of having them imposed upon you and yours, you need to create a simple, but comprehensive plan, keep it up to date, and tell your loved ones where it is.  An estate plan is your instructional guide during and after your life.  Let’s discuss your wishes.  Contact Terri Hilliard at 805-201-2552 or e-mail thilliard@terrihilliard.com
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